World markets slide for third day on political tension

Posted - August 13 201719:10

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World markets slide for third day on political tension

Gold enjoyed an impressive single-day jump - its biggest in almost three months - as the rising tensions between the US and North Korea lifted safe-haven demand. While the U.K.'s FTSE 100 Index has slumped by 1.5 percent, the German DAX Index is down by 1.1 percent and the French CAC 40 Index is down by 0.8 percent.

The stage was set for the US indexes to go lower early Wednesday as investors around the world reacted to the rising war of words between the USA and North Korea, pushing global market indexes lower.

Analysts said media and entertainment stocks also seemed to get caught up in the broader market drop, but emphasized it was often hard to isolate reasons behind specific stocks' movements. Havens such as gold have risen, with contracts for August delivery rising 0.8% to $1,283.70 on Thursday. The Nasdaq composite lost 37 points, or 0.6 percent, to 6,332. Sony Corp. shares in Tokyo dropped 1.6 percent.

But although US equities on Wednesday managed to close only slightly down even after Trump's warning that "fire and fury" would rain on North Korea, on Thursday the chickens came home to roost on Wall Street.

Cracks are showing in what has been a virtually non-stop US equity rally after a rapid escalation of tension between North Korea and the United States this week.

David Madden, market analyst at CMC Markets UK, said: "The showdown between the two nations has scared off many investors".

The S&P 500 has hadn't a single day move of more than 0.5 percent since mid-July and has fallen more than 1 percent only twice this year.

Investors, who took the North Korea report from Japan in their stride earlier in the day, lost their appetite for risk after Trump's comments to reporters during his vacation at his golf club in New Jersey.

The benchmark USA yield on Thursday was just above 2.2 percent, at its lowest level since late June, as investors bought up Treasuries, a classic safe harbor. Eastern. The Dow Jones industrial average rose 0.1%, to 22,130.

US crude oil futures settled almost 2 per cent lower at $48.59 a barrel, as Russian Federation considered a future output resumption and the Organization of the Petroleum Exporting Countries boosted its July production numbers. Brent crude, the worldwide standard, lost 28 cents to $52.09 a barrel in London.

Focusing on United Kingdom stocks, BT and Lloyds Banking Group were among the biggest fallers after going ex-dividend.

CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday.

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Baker Avenue's Lip said the USA market was higher due to "bargain hunters", but "there's more room for the market to come down". The pan-European FTSEurofirst 300 index lost 1.06 percent and MSCI's gauge of stocks across the globe shed 0.17 percent.